Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income Before Income Tax Expense by Jurisdiction

The following table summarizes the (loss) income before income tax expense by jurisdiction for the periods indicated (in thousands):

	Year Ended December 31,
	2025		2024		2023
Domestic	$	(155,255)	$	(207,965)	$	(338,942)
Foreign	37		(2)		126
Loss before income tax expense	$	(155,218)	$	(207,967)	$	(338,816)

Schedule of Effective Income Tax Rate Reconciliation

The difference between the Company's provision for income taxes and the amounts computed by applying the statutory federal income tax rate to income before income taxes for the year ended December 31, 2025 is as follows (in thousands):

	Year Ended December 31, 2025
	Amount		%
Income taxes (benefit) at statutory federal rate	$	(32,596)	21.00	%
State and local taxes, net of federal income tax effect	—		—	%
Foreign tax effects
Other foreign	(23)		0.01	%
Changes in valuation allowance	37,622		(24.24)	%
Non-taxable or nondeductible items
Stock compensation	773		(0.50)	%
Change in fair market value of contingent value right	(6,251)		4.03	%
Limitation on officers' compensation	2,860		(1.84)	%
Permanent and other items	114		(0.07)	%
Other
Other	10		(0.01)	%
Stock based compensation - deferred only	(2,524)		1.63	%
Provision / (benefit) for income taxes	$	(15)	0.01	%

As disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the difference between the Company's provision for income taxes and the amounts computed by applying the statutory federal income tax rate to income before income taxes is as follows (in thousands):

	Year Ended December 31,
	2024		2023
Tax provision derived by applying the federal statutory rate to income before income taxes	$	(43,673)	$	(71,151)
Loss on forward contract valuation	—		17,541
Acquired IPR&D	—		27,340
Loss on CVR revaluation	4,290		3,987
Other permanent differences	1,865		4,472
Federal tax credits	(91)		(1)
Effect of tax rate on foreign jurisdiction	(2)		(53)
Other, net	191		—
Change in the valuation allowance	37,471		17,839
Income tax (benefit) expense	$	51	$	(26)

Schedule of Cash Income Taxes Paid

The amounts of cash income taxes paid by the company are as follows:

	Year Ended December 31, 2025
Federal	$	—
State	—
Foreign	(15)
Total	$	(15)

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities consist of the following (in thousands):

	December 31,
	2025		2024		2023
Deferred tax assets
Net operating loss carryforward	$	118,511	$	87,321	$	74,454
Capitalized 174 R&D costs	44,465		45,531		22,532
Intangible assets	4,070		2,117		47
Accrued expense	1,625		1,047		579
Stock-based compensation	12,943		7,114		4,246
Federal tax credits	18,196		18,196		21,914
State tax credits	1,631		1,631		1,631
Other	87		64		88
Total deferred tax assets	201,528		163,021		125,491
Deferred tax liabilities
Unrealized gain	(183)		(92)		—
Total deferred tax liabilities	(183)		(92)		—
Less: Valuation allowance	(201,345)		(162,929)		(125,491)
Deferred tax assets, net	$	—	$	—	$	—